NBER Working Paper No. 2949. Issued in April 1989. NBER Program(s): ME. This study investigates the stability of long-run log-linear demand functions for narrowly defined monetary aggregates (M1, Monetary Base) in the U.S. during the post World War II period. The hypotheses that the individual time series which appear in such equations (real M1, real Monetary Base, real Personal Income and short-term and long-term nominal interest rates) all have unit roots cannot be rejected.
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A butte has a top layer of hard rock and softer rock below that is eroded more easily. Erosion forms the butte in the shape of the rock layer on top. Generally, a butte is more than 100 feet high and should be taller than it is wide. A butte can stand more than 1000 feet above the ground below.